• Mike Selfridge Promoted to Head of Regional Banking
• Bruce Wallace Becomes Chief Operations Officer
• Prashant Nema Takes on Chief Information Officer Role
SANTA CLARA, Calif. – March 15, 2011 -- SVB Financial Group (Nasdaq: SIVB), the parent company of Silicon Valley Bank (SVB) promoted three of its staff to new leadership positions bringing increasing sophistication and client focus to the growing company. In addition, SVB's U.S. Banking Division led by Joan Parsons has integrated a full spectrum of services on a national basis in order to help SVB's clients across the country succeed. These services include all regional banking and banking products as well as specialty debt products, mezzanine finance, corporate finance for large corporations, a specialized cleantech practice and SVB Analytics, which delivers information services, insights, valuation opinions and equity compensation management solutions.
As the new head of regional banking, Mike Selfridge will lead the U.S. banking team in delivering both credit and non-credit related commercial banking services to its innovative clients nationwide.
"SVB is intensely committed to helping our innovative clients succeed and grow," said Greg Becker, president of SVB Financial Group and Silicon Valley Bank. "There are few people that understand our clients and their financial needs better than Mike. With his leadership, we will continue to deliver the right services at the right time to our clients in order for them to achieve their goals."
Most recently Selfridge served SVB as its Northern California Region Manager, where he was responsible for nearly half of Silicon Valley Bank's client relationships. He has held a number of leadership positions in sales, credit and international banking, since joining SVB in 1994.
Bruce Wallace has been named Chief Operations Officer of SVB Financial Group, leading all bank and non-bank operations for SVB worldwide. Previously, Wallace headed SVB's global services division, after holding a variety of operational management positions at Wells Fargo for more than 20 years.
"SVB has become increasingly sophisticated as we've pursued both product growth and international expansion strategies over the past 10 years," continued Becker. "Bruce has done a phenomenal job building for our future, all the while making sure we are doing the best we can for our clients."
Prashant Nema, SVB's former Chief Technology Officer, has been promoted to Chief Information Officer, heading up all of SVB's information technology initiatives, including the global IT infrastructure and upgrades to SVB's core banking system.
"Leading IT for a tech-focused bank is no small task and I am continually impressed by Prashant's partnership with our bankers and his ability to think creatively to improve service for our clients," said Becker. "We are expecting our investments in our technical infrastructure to become apparent to our clients in the coming year."
About SVB Financial Group
For nearly 30 years, SVB Financial Group and its subsidiaries, including Silicon Valley Bank, have been dedicated to helping entrepreneurs succeed. SVB Financial Group is a financial holding company that serves companies in the technology, life science, venture capital/private equity and premium wine industries. Offering diversified financial services through Silicon Valley Bank, SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services, SVB Financial Group provides clients with commercial, investment, international and private banking services. SVB also offers funds management, broker-dealer services and asset management, as well as the added value of its knowledge and networks worldwide. Headquartered in Santa Clara, California, SVB Financial Group operates through 26 offices in the U.S. as well as through international offices in China, India, Israel and the United Kingdom. More information can be found at www.svb.com.
Banking services are provided by Silicon Valley Bank, the California bank subsidiary and commercial banking operation of SVB Financial Group, and a member of the FDIC and the Federal Reserve. SVB Financial Group is also a member of the Federal Reserve.